Expectations for Netflix's third quarter couldn't have been higher, but the company still managed to wow Wall Street—and shares jumped 10% late Thursday as a result.
Netflix cynics have been waiting for the company's stock bubble to pop: Netflix shares are up a shocking 440% in the past 12 months, and analysts expected third-quarter earnings nearly to quadruple over the year.
But Netflix delivered. The company reported third-quarter earnings of 52 cents a share, well above the 49 cents that analysts polled by Thomson Reuters were expecting.
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